embarrassing question - how to sell a "junk" car?

[G.]

What's the best way to unload a money-pit car and get the most out of it (without ripping someone off)?

Story: 2007 Hyundai Veracruz, which is a REALLY nice car, BTW. Got flooded last summer, water went just above seat bottoms. I stripped out everything, dried it out, had several computers and harnesses replaced, etc. Ran very well for a few months with some minor elect. issues, so I drove it to see what else will fail. Turns out, everything. OK, not everything, but the electrical control of the transmission went wacky. A different wiring harness didn't help. I could continue on the trans control unit, airbag computer (again), etc., etc., but I'm fighting a losing battle here.

Car is worth maybe $18,000 in good condition, I still owe about $9000 on it (I don't have the title), and I've dropped maybe $7000 trying to get it healthy.

Insurance was/is not an option (that's the embarrassing part. We let it lapse. "We" meaning the person that was paying the household bills at the time. :mad: )

I knew it was a suckers bet to try to fix it, but I had to try. :(

What are the best options for unloading this thing? I want to minimize my loses, obviously. I certainly not going to be able to sell it for $18,000. :laugh: The warning lights will return/continue as soon as you move it.

Trade in?
Pay it off and sell privately? WhoTF would buy it?
Donating it would be pretty silly, especially with the newer laws on how much you can deduct.

Anybody got any ideas?

Thanks, and feel free to laugh at me. (except for buying the Hyundai - I'm telling you, it's a great car!)

[Indy]

I would trade it, just to get rid of it. Be honest with the dealer, and he will understand. He will help you because he is motivated to get you into something else. As a matter of fact, if you are in Indy, PM me, I know someone who could help you.

Or, if you misplace your ethical values, you can park it someplace dangerous with the key in the ignition. :gomer:

[nrc]

I agree that trade-in would be the best option at this point. I'd also recommend be honest about the reasons. You may get a bit less on trade-in but they'll have the option of sending it straight to the auto auction instead of dumping it on one of their used car customers.

You still take a loss, but a trade-in would allow you to amortize your losses on the vehicle across your new car financing. Just be sure that you get something that you'll be happy with for a while.

[Andrew Longman]

Or, if you misplace your ethical values, you can park it someplace dangerous with the key in the ignition. :gomer:Newark will do fine. It would be in a container to Saudi Arabia or Russia by midnight. Not sure who you would actually be ripping off at that point. :gomer:

I have a buddy who tows cars for the State Police. Car that aren't claimed he gets to keep and sell. The last few years, with the price of steel so high, he usually sells them off by the pound for scrap. Seriously.

Your car is likely too new for that -- normally. But it might be the best given the thing is now crap.

Pulling it apart to sell part by part is another option but that probably only is profitable if you are willing to do the work.

In either option (excepting leaving it on Broad St in Newark) you'll need to pay it off and get the title first.

And of course if you don't care about your credit, you could just tell the finance company to come get it and hope they have a sense of humor or are too stupid to notice the condition.

[Methanolandbrats]

Loosen a fuel line fitting on the fuel rail nearest the top of the engine. Go for a drive on a rural interstate, when you smell burning plastic and the paint on the hood starts to bubble, pull over, mash the brakes and go General Lee out the window. The rural part is important, you want it to take a while for the fire truck to get there.

[G.]

Some things that I've considered:

First, I don't have full coverage on it. I only have liability now, since the ins. company wants to know that it's fixed before re-instating comprehensive. That limits me from loosening fuel lines or driving to Newark.

Maintaining credit is important, but don't think I haven't thought about it.

Driving like a douche, and hoping that some poor sucker hits me. And hoping he/she is insured. (but I can't really risk injury, or hope some poor sucker is insured properly and doesn't get hurt) So that's out, but don't think I haven't thought about it.

Trying the next logical repair and wishing for the best. Trans Control Unit. Hmmmm. Can't spend any more, but don't think I haven't thought about it.


Parting it out isn't really an option either, no room, no engine hoist, etc. But don't think I haven't thought about it.


What can I possibly expect on a trade-in? Will I even get to cover what I owe? Will I HAVE to pay it off and get the title if they don't offer me what's owed on it?

[cameraman]

Some of the wonderful car dealers around here will take your car as a trade in and simply add any negative equity in the trade in to the loan on your new car. Usually the interest rate on those deals is around 1 billion percent.

Sounds like you just need to trade it as is and eat the loss.

[nrc]

Based on the Edmunds.com value I'd say that even with an allowance for the vehicle's lemon status you should get what you owe for it on a trade-in. Go to Edmunds.com and use the appraisal feature to get a report. Print it out and take it to the dealer. $3000 is the amount that they take off for "rough condition". That should keep you above $9000 trade-in for even the lowest trim vehicle from that year.

[racer2c]

I too think you can get what you owe out of it. Sounds like there may be some penalty for insurance lapse if it's still registered with the state.

[chop456]

Be honest with the dealer

Because I'm sure they'll be honest with whoever they sell it to - whether it be wholesaler or used car customer. :laugh:

If you DO want to be honest about it, I'd suggest secretly videotaping your 'confession' to the dealer. Have a friend go back a week later and look at the car, asking the same salesman questions about its history while also videotaping. When he lies about it - threaten to hand the tape over to John Stossel unless they give you a new car every year for the rest of your life. :D

[Indy]

Yeah, chop, but how far does his responsibility go? Should he take an axe to it just to make sure it can never hurt anyone again?

[TrueBrit]

Loosen a fuel line fitting on the fuel rail nearest the top of the engine. Go for a drive on a rural interstate, when you smell burning plastic and the paint on the hood starts to bubble, pull over, mash the brakes and go General Lee out the window. The rural part is important, you want it to take a while for the fire truck to get there.

:rofl::laugh::rofl:

[Don Quixote]

If you DO want to be honest about it, I'd suggest secretly videotaping your 'confession' to the dealer. Have a friend go back a week later and look at the car, asking the same salesman questions about its history while also videotaping. When he lies about it - threaten to hand the tape over to John Stossel unless they give you a new car every year for the rest of your life. :D F'ing brilliant! :thumbup:

[Don Quixote]

Loosen a fuel line fitting on the fuel rail nearest the top of the engine. Go for a drive on a rural interstate, when you smell burning plastic and the paint on the hood starts to bubble, pull over, mash the brakes and go General Lee out the window. The rural part is important, you want it to take a while for the fire truck to get there.
F'ing brilliant! :thumbup: :D

[cameraman]

Don't go too far out. The Utah Highway Patrol makes you remove the hulk from the side of the road. You might get quite the towing bill if you go too far.

[Methanolandbrats]

AAA RV Plus tows 100 miles for free, have to figure in the annual membership as a business cost.

[High Sided]

curious on how it got to be flooded, flash flood? guess it aint like the good ole days where you could drive through nearly 2' deep water with 6" on the floor. i couldn't believe it sitting passenger of an old 2001 driving through the flood plains.

[Gnam]

If you parked the car today and didn't put another dollar into it, which would be your first priority?
A) replace the vehicle
B) reduce your debt


Right now you owe $9k on a busted vehicle. Assuming a decent trade in price for a similar vehicle, you'll have a car you can depend on, but your debt is going to increase above $9k. That could mean a higher monthly payment.

Or, you can sell the car and apply any income to reducing the $9k debt. You would no longer have a car, but the repair bills would stop and you would owe less. IMO, this option is only preferable if you can park the car until it sells because keeping this "money pit" on the road will only divert funds from paying down debt.

Both options seem preferable to your current situation, but your priorities will determine which one is best.